Mistry Seeks $24 Billion of Shares in Tata Firms to Cut Ties
- Mistry family to sever 70-year relationship with Tata Group
- Tata can pay in shares, cash or any marketable instrument
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Billionaire Pallonji Mistry has sought to swap his stake in Tata Sons Pvt., which his group values at $24 billion, for shares in the listed companies of India’s biggest conglomerate as the former partners move to sever ties.
The Shapoorji Pallonji Group told the Supreme Court it estimates its 18.4% stake in the Tata Group’s main holding company to be worth more than 1.75 trillion rupees ($23.5 billion) including valuation of the brand. It’s seeking pro-rata shares in listed Tata entities, cash, or any marketable instrument in lieu.